Fortescue’s Elizabeth Gaines will step down as executive director at the end of June, closing out 13 years with the miner, including four years as chief executive officer and a prominent role as a green energy ambassador.
During her tenure, Fortescue grew into one of the world’s largest iron ore producers, while sharpening its public position around green energy, electrification and its 2030 Real Zero strategy.
Fortescue founder Andrew Forrest described Gaines as “one of the highly impactful leaders who built Fortescue’s strong and proud history, serving this company with distinction”.
“She has helped drive the inexorable march of Fortescue, proving what others say is impossible, delivering for shareholders while helping set the course for our next great chapter: leading the world in decarbonising technology, energy and heavy industry,” Forrest said.
The board change also brings in a new global perspective, with Sigrid Kaag appointed as a non-executive director. Kaag brings more than 35 years of experience across international affairs, trade, finance and government, including senior roles as First Deputy Prime Minister and Minister of Finance of the Netherlands.
Forrest said Kaag’s experience across governments, international institutions and multilateral finance would bring “valuable perspective” as Fortescue continues to grow, diversify and advance its leadership in “delivering green solutions” and “eliminating fossil fuels” from heavy industry.
The appointment sets Fortescue up for its next stage, going beyond its ability to ship iron ore at scale while rewiring the energy systems behind its Pilbara operations.
On May 25, Fortescue announced construction had started on the 690MW Turner River solar farm in the Pilbara and a 650MWh battery energy storage system at Cloudbreak. The company said Turner River is the final solar installation required to deliver its Real Zero decarbonisation plan across its terrestrial iron ore operations.
Once combined with the Solomon Airport, Cloudbreak and North Star Junction solar farms, Fortescue expects to have more than 1.4GW of renewable energy capacity across its Pilbara network. Turner River is expected to be completed in 2028, while the Cloudbreak battery system is expected to be completed in FY27.
At the same time, Fortescue is continuing to electrify its mining fleet. The company said 16 electric excavators and an electric drill are already operating across its iron ore operations, with around half of its excavator fleet expected to be electric by the end of 2026. Its first battery electric haul truck is expected to be operational before the end of the year.
Fortescue Metals and Operations chief executive officer Dino Otranto framed the program as both an operational and economic shift.
“While others are still debating whether decarbonisation is possible, Fortescue is getting on with building what’s needed to do it,” Otranto said.
“The technology is here. The economics are improving every year. And anyone watching global fuel markets can see exactly why electrification and renewable power matter more than ever.
“Our solar farms, transmission lines, wind generation and batteries are being built right now across the Pilbara. We are moving first because the economics, the technology and the national interest are all pointing in the same direction.”
This is where Fortescue’s decarbonisation push intersects with its core iron ore business. The company delivered record first-half shipments of 100.2 million tonnes for the period to December 31, 2025, while reporting an industry-leading hematite C1 unit cost of $US18.64 per wet metric tonne.
It also posted underlying EBITDA of $US4.5 billion on revenue of $US8.4 billion, with net profit after tax of $US1.9 billion.
In April, the company marked another major achievement, shipping its 2.5 billionth tonne of iron ore just 18 years after its first vessel departed in 2008.
The milestone reflected both Fortescue’s rapid rise in the Pilbara and the logistics network that supports it, noting the role of Port Hedland and broader Pilbara export infrastructure in sustaining the miner’s shipping performance.
Fortescue’s next chapter is also looking beyond iron ore. In March, the company completed its acquisition of Alta Copper through wholly owned subsidiary Nascent Exploration, giving it full ownership of the Cañariaco Copper Project in northern Peru.
The transaction implied an equity value of approximately $C139 million and gave Fortescue exposure to a significant undeveloped copper resource within an emerging porphyry copper corridor.
“Copper is a core pillar of Fortescue’s growth and diversification strategy, and the acquisition of Alta Copper builds on our existing critical minerals exploration activity,” Fortescue Growth and Energy CEO Gus Pichot said.
Taken together, Gaines’ departure, Kaag’s appointment, the Pilbara renewable buildout and the company’s copper expansion point to a miner in transition.
Fortescue is using its long-established iron ore business as the platform for a broader transformation, one that involves lower diesel exposure, greater renewable energy integration, electrified mining fleets, and a larger role in future-facing commodities.
Fortescue’s challenge is now less about whether the ambition is clear, and more about whether the company can keep delivering the operational consistency of its iron ore past while building the decarbonised and diversified business it wants to become.
